21st Feb 2014 14:57
LONDON (Alliance News) - Countrywide PLC said Friday that it had increased its financing facilities to GBP150 million, from GBP100 million, in order to provide finance for general corporate purposes including the funding of potential acquisitions.
The financing facilities comprise a GBP100 million term loan and a GBP50 million revolving credit facility provided by a consortium of Abbey National Treasury Services PLC, AIB Group (UK) PLC, Barclays Bank PLC, HSBC Bank PLC, Lloyds Bank PLC and National Westminster Bank PLC.
The facilities mature March 20, 2014. The first repayment of the term loan is scheduled to be made in March 2015.
"We are pleased that our existing banking partners continue to support us and are we are able to continue our strategy for growth, both organically and through acquisitions, whilst maintaining conservative levels of financial leverage," said Chief Financial Officer Jim Clarke in a statement.
Shares in Countrywide last traded flat at 628.00 pence Friday afternoon.
By Hana Stewart-Smith; [email protected]; @hanassallnews
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